General Motors Co. Chief Executive Dan Akerson said on Monday the auto maker could consider paying a dividend next year even as it looks to raise executive salaries and invest $1.3 billion in modernizing five U.S. factories.

Investors have been anticipating a move by GM to return some of its $27 billion in cash since the U.S. Treasury sold the remaining shares acquired as part of the auto maker's 2009 federal bailout. GM stock...